Mortgagor definition: Copy, customize, and use instantly
Introduction
The term "Mortgagor" refers to the borrower or property owner who pledges a property as collateral for a mortgage loan. In this capacity, the mortgagor is responsible for repaying the loan according to the terms of the mortgage agreement. The term is essential in defining the obligations of the party providing the property as security for a loan.
Below are various examples of how "Mortgagor" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Mortgagor" for residential property loan
This definition ties "Mortgagor" to a residential property loan.
"Mortgagor" means an individual or entity that borrows money from a lender and uses residential property as collateral for the loan, agreeing to repay the loan under the agreed terms.
Definition of "Mortgagor" for commercial property loan
This definition connects "Mortgagor" to a commercial property loan.
"Mortgagor" refers to a business entity or individual who borrows money to finance the purchase or development of commercial real estate, using the property as security for the loan.
Definition of "Mortgagor" in a mortgage agreement
This definition links "Mortgagor" to a mortgage agreement.
"Mortgagor" means the borrower in a mortgage agreement, who grants a lien on property to secure the loan and is obligated to repay the loan as stipulated in the agreement.
Definition of "Mortgagor" for second mortgage
This definition applies "Mortgagor" to a second mortgage.
"Mortgagor" refers to a borrower who pledges property as collateral for a second mortgage, where the loan is subordinate to the first mortgage in priority.
Definition of "Mortgagor" for refinancing loan
This definition ties "Mortgagor" to a refinancing loan.
"Mortgagor" means a borrower who uses the equity in their property to refinance an existing loan, securing the new loan with the same property.
Definition of "Mortgagor" for construction loan
This definition links "Mortgagor" to a construction loan.
"Mortgagor" refers to an individual or entity that borrows funds for the purpose of constructing a building, using the property being constructed as collateral.
Definition of "Mortgagor" for debt settlement
This definition connects "Mortgagor" to debt settlement.
"Mortgagor" means the borrower who agrees to a debt settlement plan, where property is used as collateral to settle an outstanding mortgage debt.
Definition of "Mortgagor" for joint loan
This definition ties "Mortgagor" to a joint loan.
"Mortgagor" refers to any individual or entity that jointly borrows money for the purpose of purchasing real estate, with each borrower assuming equal responsibility for the repayment.
Definition of "Mortgagor" in a foreclosure process
This definition links "Mortgagor" to a foreclosure process.
"Mortgagor" means the borrower whose property is at risk of foreclosure due to failure to meet the terms of a mortgage loan repayment.
Definition of "Mortgagor" for home equity loan
This definition connects "Mortgagor" to a home equity loan.
"Mortgagor" refers to a borrower who takes out a loan against the equity of their home, using the property as collateral to secure the loan.
Definition of "Mortgagor" for mortgage default
This definition ties "Mortgagor" to mortgage default.
"Mortgagor" means a borrower who has defaulted on the mortgage loan by failing to make scheduled payments, which may lead to legal actions such as foreclosure.
Definition of "Mortgagor" for loan modification
This definition links "Mortgagor" to a loan modification.
"Mortgagor" refers to a borrower who requests a modification to the terms of their mortgage loan, such as a change in the interest rate or payment schedule, due to financial hardship.
Definition of "Mortgagor" for loan payoff
This definition connects "Mortgagor" to loan payoff.
"Mortgagor" means a borrower who has fully repaid the mortgage loan, thereby releasing the lien on the property.
Definition of "Mortgagor" for mortgage insurance
This definition ties "Mortgagor" to mortgage insurance.
"Mortgagor" refers to the borrower who is required to purchase mortgage insurance as part of the terms of the mortgage loan, typically when the loan-to-value ratio exceeds a certain threshold.
Definition of "Mortgagor" for property transfer
This definition links "Mortgagor" to property transfer.
"Mortgagor" means the borrower who transfers ownership of the mortgaged property, while still remaining liable for the loan unless the transfer is part of a legal settlement or agreement.
Definition of "Mortgagor" in a mortgage refinance
This definition connects "Mortgagor" to mortgage refinance.
"Mortgagor" refers to the borrower refinancing an existing mortgage loan, replacing the old loan with a new loan that may have different terms, including interest rates or loan amounts.
Definition of "Mortgagor" for a property lien
This definition ties "Mortgagor" to a property lien.
"Mortgagor" means the borrower who pledges property as collateral for a mortgage, creating a lien on the property that secures repayment of the loan.
Definition of "Mortgagor" for a late payment
This definition links "Mortgagor" to late payments.
"Mortgagor" refers to a borrower who fails to make a timely payment on a mortgage loan, which may incur late fees or result in default.
Definition of "Mortgagor" for loan servicer communication
This definition connects "Mortgagor" to loan servicer communication.
"Mortgagor" means the borrower who is responsible for responding to communications from the loan servicer regarding their mortgage loan, including payment notifications and account updates.
Definition of "Mortgagor" for an escrow account
This definition ties "Mortgagor" to an escrow account.
"Mortgagor" refers to a borrower who contributes to an escrow account as part of their mortgage payments, with the funds used to cover property taxes and insurance premiums.
Definition of "Mortgagor" in a home purchase transaction
This definition links "Mortgagor" to a home purchase transaction.
"Mortgagor" means the buyer in a home purchase transaction who borrows money to finance the purchase and pledges the purchased property as collateral for the loan.
Definition of "Mortgagor" for a mortgage guarantee
This definition applies "Mortgagor" to a mortgage guarantee.
"Mortgagor" refers to a borrower who guarantees the loan repayment by pledging property as collateral and agrees to meet the repayment obligations under the loan agreement.
Definition of "Mortgagor" for a guarantor
This definition ties "Mortgagor" to a guarantor.
"Mortgagor" means an individual or entity that borrows money and uses a guarantor to secure the loan in the event of default.
Definition of "Mortgagor" for debt repayment terms
This definition connects "Mortgagor" to debt repayment terms.
"Mortgagor" refers to a borrower who has agreed to repay a mortgage loan according to the specified terms, including interest rates, payment schedule, and any penalties for non-payment.
Definition of "Mortgagor" for an adjustable-rate mortgage
This definition links "Mortgagor" to an adjustable-rate mortgage.
"Mortgagor" means the borrower who holds a mortgage with an adjustable interest rate that can change periodically, affecting the monthly payment amount.
Definition of "Mortgagor" for default judgment
This definition ties "Mortgagor" to default judgment.
"Mortgagor" refers to a borrower who has been subject to a default judgment for failing to repay the mortgage loan as per the terms of the agreement.
Definition of "Mortgagor" for foreclosure sale
This definition applies "Mortgagor" to a foreclosure sale.
"Mortgagor" means the borrower whose property is being sold at a foreclosure sale due to non-payment of the mortgage loan.
Definition of "Mortgagor" for a short sale
This definition connects "Mortgagor" to a short sale.
"Mortgagor" refers to the borrower who sells the mortgaged property for less than the amount owed on the loan, with the lender’s approval to settle the debt.
Definition of "Mortgagor" for property appraisal
This definition ties "Mortgagor" to property appraisal.
"Mortgagor" means the borrower who is required to have their property appraised as part of the mortgage process to determine its current market value.
Definition of "Mortgagor" for mortgage term length
This definition links "Mortgagor" to mortgage term length.
"Mortgagor" refers to a borrower who agrees to a fixed or adjustable mortgage term, such as 15, 20, or 30 years, under which the loan must be repaid.
Definition of "Mortgagor" for mortgage amendment
This definition connects "Mortgagor" to mortgage amendment.
"Mortgagor" means the borrower who requests an amendment to their existing mortgage terms, such as a change in the interest rate or repayment schedule.
Definition of "Mortgagor" for mortgage holder rights
This definition ties "Mortgagor" to mortgage holder rights.
"Mortgagor" refers to the borrower who grants specific rights to the mortgage holder, including the right to foreclose on the property in case of non-payment.
Definition of "Mortgagor" for mortgage payment adjustment
This definition links "Mortgagor" to mortgage payment adjustment.
"Mortgagor" means the borrower whose mortgage payment is adjusted due to changes in the interest rate or other loan terms.
Definition of "Mortgagor" for payment default
This definition applies "Mortgagor" to payment default.
"Mortgagor" refers to a borrower who has defaulted on their mortgage payment, potentially leading to legal action or foreclosure proceedings.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.